Statements of Recommended Accounting Practice (SORPs) supplement accounting standards and other legal and regulatory requirements to reflect factors prevailing or transactions undertaken in a specialised industry or sector. SORPs are issued by the sectoral body recognised for the purpose by the ASB. There are four SORPS currently used in the public benefit entity sector.

The Charity Commission has recently completed its revision of the 2000 SORP. The Board issued its statement on 28 February and the Charity Commission published the 2005 SORP in early March 2005.

The National Housing Federation and the Welsh and Scottish Federations of Housing Associations will shortly issue a 2005 update to the existing SORP used by the social housing sector. It is expected that the Board will review the draft SORP update in May.

Following its recent consultation, the CIPFA/LASAAC joint committee is also currently preparing the 2005 SORP for use by local authorities.

Universities UK, on behalf of the further and higher education sector, is currently considering the extent of an update required to its SORP and aims to consult on this during 2005.